Lion Energy : firms up its green hydrogen strategy

Lion at a glance

Lion Energy Limited

ABN 51 000 753 640

ASX Code: LIO

Suite 1

295 Rokeby Road

Subiaco WA 6008

Australia

Tel +61 8 9211 1500 | Fax +61 8 9211 1501 info@lionenergy.com.auwww.lionenergy.com.au

Directors & Officers

For more information contact

Tom Soulsby

+61 487 527 958 tsoulsby@lionenergy.com.au

Lion firms up its

green hydrogen strategy

Key highlights

• State governments are driving zero-emission transition through regulatory measures and pledges largely by 2025
• Lion is focusing on helping the heavy mobility sector (buses then trucks) comply with these ambitious targets
• Hydrogen refuelling infrastructure is a key component of the transition, but is currently lagging
• Lion, together with its partners, envisions building and operating a network of hydrogen production hubs and refuelling stations
• Lion is working closely with equipment suppliers, bus manufacturers and fleet operators to open its first hydrogen refuelling station

Following its 4 October 2021 announcement ("Update on green hydrogen roadmap"), and our recent release re our capital raising ("Lion receives firm commitments for $9.6m") dated 17 November, 2021 , Lion Energy Limited ("Lion" or "Company"; ASX: LIO) is pleased to provide further details on its green hydrogen plans.

As previously announced, Lion is focusing its initial efforts on the production and delivery of green hydrogen for the domestic heavy mobility market, in particular public buses. To that effect, Lion has signed multiple partnerships with hydrogen refueling equipment suppliers, bus fleet operators and bus suppliers to position itself at the forefront of the opportunity.

Mr Tom Soulsby, Lion's Executive Chairman, said "we are very pleased by the industry's response to our plans. Hydrogen buses are coming to Australia, but the refuelling infrastructure is still missing. Lion and its partners are working hard on filling the gaps and we are working full steam ahead on putting in place a hub and spoke strategy designed to problem solve issues bus fleet operators have in transitioning to zero emission vehicles. The updated pack attached highlights these plans."

The Company cautions that there can be no certainty that a suitable hydrogen opportunity will be identified as a result of this work. Further, there can be no certainty that any conditions precedent to progressing such an opportunity (including, without limitation, compliance with ASX Listing Rules 11.1.2 and/or 11.1.3 to the extent applicable) will be satisfied. ENDS

This ASX announcement was approved and authorised for release by the

Board of Directors.

ersonal use only

Hydrogen city bus manufacturers - overseas/local

Bus fleet operators in Qld, NSW and Vic

"The Morrison Government will act in a practical, onlyresponsible way to deliver net zero emissions by

2050 while preserving Australian jobs and generating new opportunities for industries and regional Australia." Oct 26, 2021

useOn a combined basis, all states have net zero emission targets by 2050

Green hydrogen considered key element of zero emission goals ersonal

Source: 100percentrenewables.com, https://www.minister.industry.gov.au/ministers/taylor/media-releases/australias-plan-reach-our-net-zero-target-2050

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